February 18, 2018 1:10 am
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City Moves Forward with Old Post Office Building

Posted by Editoron July 21, 2016in Business|Comments Off on City Moves Forward with Old Post Office Building

By: Ashmar Mandou

On Wednesday afternoon, City Council came to an agreement with the new owner of the old Chicago Post Office that will create economic boost in the South Loop. Under the court-approved agreement, 601 W Companies LLC will begin renovating and restoring the building, expecting to take five years. “Today is a bright day for the near West Side and all of Chicago,” Mayor Emanuel said. “After the old Post Office has sat for vacant for decades, we can now begin the work to transform this iconic gateway to the city of Chicago into the economic driver it was designed to be.”

In the agreement, deadlines were established throughout the Post Office’s rehabilitation. The agreement established deadlines throughout 2016, 2017, and 2018 for 601 W to overhaul the structure’s four sides; replace the roof; install new high-speed elevators; restore historic lobby; and install new electrical, plumbing, heating, and ventilation systems. In March 601W announced its intention to purchase the property from International Property Developers North America, which had owned the property since 2009. 601W’s three-phase renovation plan will comprehensively rehabilitate the building as offices. Amenities will include a three-acre rooftop park complex and a landscaped riverwalk that will be open to the public.

An estimated 12,000 people could work in the building when fully-leased. The rehabilitation project is projected to generate more than 1,500 construction jobs. The agreement also includes requirements for minority- and women-owned business participation in the work to redevelop the facility. “Developing the Old Post Office will bring thousands of jobs for Chicagoans and renew a building that has been neglected for decades,” Ald. Daniel Solis (25th) said. “This agreement is a significant step forward, and I look forward to continuing our progress.” The old Post Office was designed by Graham, Anderson, Probst & White and built in phases from 1921 to 1932. Listed on the National Register of Historic Places, it has been vacant since the city’s main post office operations relocated in 1995.